SEC Chairman says cryptocurrency falls under security-based swaps rules
More rules are coming for the cryptocurrency space, according to SEC Chairman Gary Gensler. The Securities and Exchange Commission, or SEC, may soon issue new rules for the regulation and registration of security-based swaps, including cryptocurrency.In a speech to the American Bar Association Derivative and Futures Law Committee SEC Chairman Gary Gensler laid out the changes coming to security-based swaps over the next year. The changes are designed to increase transparency and reduce risk to the market. The new requirements that will go into effect in November include new counterparty....
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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has clarified how cryptocurrencies falling under security-based swaps are regulated. He affirmed that platforms operating in the centralized or decentralized finance space are implicated by the securities laws. SEC’s Regulatory Approach to Cryptocurrency SEC Chairman Gary Gensler talked about cryptocurrency regulation Wednesday before the American Bar Association Derivatives and Futures Law Committee Virtual Mid-Year Program. After discussing various topics, including security-based swaps, credit default....
The US Commodity Futures Trading Commission (CFTC) has announced that it is investigating whether it has the authority to regulate bitcoin and other digital currencies, Reuters reports. "We are looking into that," Mark Wetjen, the CFTC's acting chairman, said at an industry conference. "It's been initiated, there's been an internal discussion at the staff level." The CFTC, which regulates the swaps and futures market, is studying whether bitcoin falls under the same rules as commodities markets, according to Wetjen. He said: "I think people [within the CFTC] believe there's a pretty good....
Crypto exchanges operating in the country that do not register by September 24 face potential fines or even jail time. The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets. According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the....
The chairman of the US derivatives regulator has told a senate committee that digital currency derivatives fall within his agency's remit. Timothy Massad, who chairs the Commodity Futures Trading Commission (CFTC), testified before the US Senate Committee on Agriculture, Nutrition and Forestry yesterday, noting that while his agency does not have specific rules governing digital currencies, it would oversee futures and swaps in any commodity. This includes digital currencies, he said. He added: "While the CFTC does not have policies and procedures specific to virtual currencies like....
PRESS RELEASE. February 24, 2021 – xSigma, a decentralized exchange for stablecoin swaps, has announced details of its launch program. The DEX, which supports liquid swaps between stablecoin pairs, will go live on February 24, having passed a third-party security audit. Blockchain security company Hacken audited the xSigma smart contracts and found no critical errors in the code, green-lighting the Ethereum-based exchange to launch as scheduled. A second security audit is underway to give the xSigma community additional confidence in the code powering the AMM. Backed by a....